When you reopen a period from a previous fiscal year, you must reopen all General Ledger periods back to this date and close them afterwards through the Close Period routine. If this is not done, the balance brought forward does not represent the adjusted transactions and the P&L result on the Retained Earnings account is not corrected.
You should never close a period or set a period to Current from the Fiscal Calendar. This process should always be done with the Close Period routine for each financial module. These routines validate and generate transactions in the background which are not performed when you change the status of a period to Closed from the Fiscal Calendar.
If you must reopen a Closed period:
- From the Main Menu, search for and select Fiscal Calendar. The Fiscal Calendar page opens.
- Select the fiscal year with the fiscal period to reopen.
- Right-click and select Edit. The Fiscal Periods window opens.
- Locate the fiscal period to reopen.
- Select Open from the Status drop-down.
- Click Save.
After making the necessary adjustments for the period, perform the Close Period routine from the appropriate financials module.
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